FDC shares zoom 10% amid a sinking market; here’s why
FDC shares zoomed 10.44% to Rs 378.45 against the previous close of Rs 342.65 on BSE. Total 1.43 lakh shares of the firm changed hands amounting to a turnover of Rs 5.27 crore on BSE today.
- Aug 3, 2023,
- Updated Aug 3, 2023 3:35 PM IST
Shares of FDC Ltd zoomed over 10% today after the firm said its board will consider the proposal for buyback of fully paid up equity shares of the company on August 9, 2023. The board will also announce earnings for the quarter ended June 2023 on the same day. The plan to buy back shares turned sentiment positive around the maker and exporter of drugs and chemicals on the bourses. FDC shares zoomed 10.44% to Rs 378.45 against the previous close of Rs 342.65 on BSE.
Total 1.43 lakh shares of the firm changed hands amounting to a turnover of Rs 5.27 crore on BSE today. Market cap of the firm rose to Rs 6,211 crore. The stock has gained 46% in a year and gained 35.50% in 2023.
In terms of technicals, the relative strength index (RSI) of the FDC stock stands at 61.6, signaling it's trading neither in the overbought nor in the oversold zone. FDC shares have a beta of 0.5, indicating very low volatility in a year. The stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
“We hereby inform that at the said meeting, the Board of Directors will also consider the proposal for buyback of fully paid up equity shares of the Company in accordance with the relevant provision of the Companies Act, 2013 and the SEBI (Buyback of Securities) Regulations, 2018 and amendments therein, and other applicable laws,” said the firm in a communication to bourses.
FDC is engaged in the business of pharmaceuticals. The company manufactures and distributes its range of generics, formulations and active pharmaceuticals at its manufacturing plants. It also manufactures oral rehydration salts (ORS) and specialised formulations. It has a range of functional foods and beverages. Its active pharmaceutical ingredients (APIs) include Albuterol Sulfate, Bromhexine Hydrochloride, Cinnarizine, Flunarizine Dihydrochloride, Flurbiprofen, Flurbiprofen Sodium, Miconazole Nitrate and Timolol Maleate, among others.
Meanwhile, Sensex fell 508 pts to 65,273 and Nifty lost 130 points to 19396 in the last hour of trade.
Shares of FDC Ltd zoomed over 10% today after the firm said its board will consider the proposal for buyback of fully paid up equity shares of the company on August 9, 2023. The board will also announce earnings for the quarter ended June 2023 on the same day. The plan to buy back shares turned sentiment positive around the maker and exporter of drugs and chemicals on the bourses. FDC shares zoomed 10.44% to Rs 378.45 against the previous close of Rs 342.65 on BSE.
Total 1.43 lakh shares of the firm changed hands amounting to a turnover of Rs 5.27 crore on BSE today. Market cap of the firm rose to Rs 6,211 crore. The stock has gained 46% in a year and gained 35.50% in 2023.
In terms of technicals, the relative strength index (RSI) of the FDC stock stands at 61.6, signaling it's trading neither in the overbought nor in the oversold zone. FDC shares have a beta of 0.5, indicating very low volatility in a year. The stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
“We hereby inform that at the said meeting, the Board of Directors will also consider the proposal for buyback of fully paid up equity shares of the Company in accordance with the relevant provision of the Companies Act, 2013 and the SEBI (Buyback of Securities) Regulations, 2018 and amendments therein, and other applicable laws,” said the firm in a communication to bourses.
FDC is engaged in the business of pharmaceuticals. The company manufactures and distributes its range of generics, formulations and active pharmaceuticals at its manufacturing plants. It also manufactures oral rehydration salts (ORS) and specialised formulations. It has a range of functional foods and beverages. Its active pharmaceutical ingredients (APIs) include Albuterol Sulfate, Bromhexine Hydrochloride, Cinnarizine, Flunarizine Dihydrochloride, Flurbiprofen, Flurbiprofen Sodium, Miconazole Nitrate and Timolol Maleate, among others.
Meanwhile, Sensex fell 508 pts to 65,273 and Nifty lost 130 points to 19396 in the last hour of trade.